The MORY Group answers and strikes back daily “LES ECHOS” of June 18th

The MORY Group said is deeply chocked by the publication of wrong information, which could have very damaging consequences for the 7.000 employees and the 3.000 subcontractors working for the group. Above all it is surprising that the direction was never interviewed by the author of the article and that the so called “internal sources” are not identified.

BNP PARIBAS announced at the end of 2007 that they will put an end to this mechanism because it was difficult to refinance the acquisition of an own fleet.
This is why MORY appointed an expert to find the most appropriate substitute to the current financing mechanism within a reasonable period of time.
Today the solutions have been found: MORY has finalized a solution and struck a deal with GE Facto France. The document will be signed at the end of June.
Simultaneously the commitment of the other banks to support MORY has been confirmed. This will put an end to the mission of Maître Lessertois at the end of June.

The balance sheets of the MORY Group and his branch MORY Team have been always positive since the beginning of 2008, and that without the contribution of exceptional profits contrary to what has been written in the article. The results are in line with the budget, which is based on operational result of 13 million Euro for the whole year 2008.
We made the parcel service profitable again since the end of the year 2007 by raising the selling prices and charging a fuel surcharge.

The MORY Group is deeply chocked by the publication of wrong information, which could have very damaging consequences for the 7.000 employees and the 3.000 subcontractors working for the group. Above all it is surprising that the direction was never interviewed by the author of the article and that the so called “internal sources” are not identified.

We remind that the mechanism for financing MORY was put in place by PARIBAS initially and then BNP PARIBAS.

BNP PARIBAS announced at the end of 2007 that they will put an end to this mechanism because it was difficult to refinance the acquisition of an own fleet.
This is why MORY appointed an expert to find the most appropriate substitute to the current financing mechanism within a reasonable period of time.
Today the solutions have been found: MORY has finalized a solution and struck a deal with GE Facto France. The document will be signed at the end of June.
Simultaneously the commitment of the other banks to support MORY has been confirmed. This will put an end to the mission of Maître Lessertois at the end of June.

About the MORY balance sheet
The balance sheets of the MORY Group and his branch MORY Team have been always positive since the beginning of 2008, and that without the contribution of exceptional profits contrary to what has been written in the article. The results are in line with the budget, which is based on operational result of 13 million Euro for the whole year 2008.
We made the parcel service profitable again since the end of the year 2007 by raising the selling prices and charging a fuel surcharge.

Miscellaneous :
• The contract with ARVAL for the leasing of the company cars for senior executives has been cancelled by our CEO as a consequence of a change of the management policy.
• No lay offs have been planned because of financial problem
• Wages have been paid on time
• No key customer has complained about the Mory services. We want to emphasize that the quality indicators have improved continuously (delivery time compliance was 93% in 2007 and is 96% in 2008),
• Customers which names were given in the article never complained about MORY,
• All the figures concerning Pierre Fabre are not correct..

All these assertions can be confirmed by Maître Lessertois.

Finally, Mory has already faced and overcome difficulties during its 200-year existence. In order to secure the company growth, Mory shareholders just raised the MORY Capital by 35 million Euro. All the shareholders took part in this operation, also the Investment Bankers Bridgepoint and Barclays, which are Alain Bréau’s partners since 1999.

Once again, Mory shareholders, Management and Employees will overcome the crisis caused by these mean attacks and our customers will maintain their confidence in our organization.